Just Eat Share News (JE.)

LONDON (Alliance News) - Stocks in London ended higher on Monday, with the FTSE 100 rebounding from a 22-month low, supported by a weaker pound and well-received earnings from London's largest listed bank, HSBC.The UK government budget announcement, which started an hour before the London market close, had little effect on late price action.The FTSE 100 index closed up 1.3%, or 86.76 points at 7,026.32. The index had fallen to a nearly two-year low on Friday amid a general sell-off of global equities. The FTSE 250 ended up 1.2%, or 213.92 points, at 18,566.82, and the AIM All-Share closed up 0.5%, or 4.47 points, at 967.33.The Cboe UK 100 ended up 1.9% at 11,930.20, the Cboe UK 250 closed up 1.6% at 16,837.54, and the Cboe Small Companies ended up 0.3% at 11,458.08."Equity markets bounced back today as traders swopped in to snap up relatively cheap stocks. The bullish mood has spread across Europe, but seeing as the geopolitical and economic risks still persist, the upward move might not last long," CMC Markets analyst David Madden said. On the London Stock Exchange, HSBC Holdings closed up 4.8% after the Asia-focused lender reported positive third-quarter earnings, buoyed by lower costs and its push into Asia.For the three months ended September, HSBC said Monday that group pretax profit rose 28% to USD5.92 billion from USD4.62 billion the year prior. Excluding the impact of currency translation, pretax profit rose 16% on the year before.Revenue added 1.6% to USD13.80 billion from USD13.58 billion the year before. Revenue performance was driven by "strong" growth in all of HSBC's three main global businesses. Chief Executive John Flint also made it clear that "regional anxieties", such as the trade war in Asia or Brexit in the UK, will "in no way impact" the bank's strategy. The CEO said HSBC is "well positioned" to handle a no-deal Brexit but did not want to speculate on the ongoing negotiations.At the other end of the large cap index, gold miners ended among the worst performers with Fresnillo and Randgold Resources down 1.6% and 1.8% respectively, tracking spot gold prices lower.Gold was down quoted at USD1,229.10 an ounce at the London equities close against USD1,241.00 late Friday, as demand for the safe-haven asset waned. Just Eat closed down 1.2% after Peel Hunt downgraded the online takeaway platform to Sell from Buy. The broker said the rise of rivals Uber and Deliveroo could lead to the demise of Just Eat, given the two can outspend the FTSE 100 constituent and outperform in the smartphone space. Bloomberg in September reported that ride-hailing app Uber - which also offers a food delivery service Uber Eats - was in early discussions with Deliveroo, as part of its strategy to invest and partner with rivals ahead of its planned initial public offering next year.The pound was lower, quoted at USD1.2793 at the London equities close, down from USD1.2827 at the close Friday, as UK Chancellor of the Exchequer Philip Hammond delivered his annual budget statement.Hammond said the Office for Budget Responsibility forecasts show UK GDP growth of 1.6% for 2019, 1.4% for 2020 and 2021, 1.5% at 2022 and 1.6% for 2023. At the Spring statement in March, growth was forecast at 1.3% for 2019, 1.3% for 2020, 1.4% in 2021, and 1.5% in 2022."The OBR upgrades to the UK GDP forecasts may sound like good news, yet with an expectation of below 2% growth throughout the next five-years, it is clear that economic optimism is somewhat lacking until we receive clarity over Brexit," IG Group's Josh Mahony said. Among the measures Hammond announced on Monday were a GBP20.5 billion boost for the National Health Service, a 33% reduction in business rates for small High Street retailers, the ending of PFI contracts, and the bringing forward by a year the rise in the basic rate tax threshold to GBP12,500 and the higher rate threshold to GBP50,000. Elsewhere, UK mortgage approvals declined in September, figures from Bank of England showed. The number of housing loan approvals fell to 65,269 in September from 66,101 in August. Nonetheless, this was above the expected level was 64,700. In Paris the CAC 40 ended up 0.4%, while the DAX 30 in Frankfurt ended up 1.2%. The euro was marginally lower at USD1.1377 at the European equities close, against USD1.1392 late Friday, as German Chancellor Angela Merkel announced her political career will end after her current term in 2021.Merkel said during a news conference in Berlin on Monday that she is prepared to give up the leadership of her Christian Democratic Union party and also will not run again for parliament or another term as chancellor. The decision is a major U-turn for Merkel, who previously stated that the top job was inseparable from the party leadership. On Sunday, the CDU saw its support slump by more than 10 percentage points in the state of Hesse. On October 14, the CDU's Bavarian sister party, the Christian Social Union, saw a similar loss in its home state."Merkel's announcement remains less of a risk for the German government than the SPD's losses in the last elections. The CDU has no interest in Merkel stepping down as chancellor or a snap election before any successor has been able to build up a profile. The SPD, however, remains in an existential crisis which could easily lead to the decision to leave the coalition next year," said analysts at ING. Stocks in New York were broadly higher at the London equities close rebounding from losses after the heavy losses last week. The DJIA was up 0.4%, the S&P 500 index up 0.5% and the Nasdaq Composite down 0.3%.In economic news, a report from the Commerce Department showing personal income rose by slightly less than expected in the month of September.The report said personal income edged up by 0.2% in September after climbing by an upwardly revised 0.4% in August. Economists had expected income to rise by 0.3%.The Commerce Department also said personal spending rose by 0.4% in September after increasing by an upwardly revised 0.5% in August. The increase in spending matched economist estimates.A reading on inflation said to be preferred by the US Federal Reserve showed the annual rate of core consumer price growth held at 2.0% for the fifth straight month.In US corporate news, IBM agreed to acquire Linux software distributor Red Hat for USD33 billion in cash.Brent oil was quoted at USD77.17 a barrel at the London equities close from USD77.37 at the close Friday.Oil prices remained near the USD77 mark as concerns over the slowing global economy and rising political risks in Germany, Italy and the UK have weighed on the commodity."Oil is weaker as dealers are concerned the future demand levels. The slowdown in emerging market economies and the trade spat between the US and China is also a factor. Speculators have trimmed their bullish positions on oil for a fourth consecutive week, and they are now at the lowest level since July 2017," said Madden. The economic events calendar on Tuesday has Germany unemployment figures at 0855 GMT, eurozone third quarter GDP at 1000 GMT and Germany inflation readings at 1300 GMT. The UK corporate calendar on Tuesday has third-quarter results from oil major BP, household goods firm Reckitt Benckiser and oilfield services firm Hunting.